On May 6, Gibraltar Industries Inc, a New York, US-based steelmaker manufacturing mainly for the construction sector, issued its financial results for the first quarter of 2010, stating that the company completed its exit from the steel-processing business by selling the majority of the assets of its processed metal products segment.
According to the financial results, the net loss of the company was $21.2 million in the first quarter of 2010, compared with a net loss of $27.6 million in the first quarter of 2009. Sales revenues in the first quarter of 2010 saw a decrease of five percent, dropping from $166.3 million in the previous year to $157.5 million.
Commenting on the results, Brian J. Lipke, Gibraltar's chairman and chief executive officer, said, "The structural changes we implemented have clearly helped our financial performance in the short run, even though many of our efficiency gains have been masked by the unprecedented volume declines in our end markets. More importantly, these structural changes are a significant part of our long-term strategy to position Gibraltar for profitable growth, margin improvement, and enhanced stockholder returns over time."